Monday, June 1, 2009

Arizona Transitions to the NMLS

You have until June 30, 2009 to transition your company or sole proprietor mortgage broker license to the NMLS if you are currently licensed in Arizona. Mortgage bankers needed to transition to the NMLS by March 31, 2009.

Remember that transitioning your licenses does not mean amending your license information. If there are any changes to your information (e.g., you’ve moved your office or changed branch managers), you can submit the changes only after your current filings are approved.

The most basic filing is an MU1 for the company and the MU2 for each control person and the Responsible Individual. If you have branch licenses already approved, then you need to complete an MU3 for each branch and the branch managers must complete their own MU2 filings.

New applications for a company or branch license must be submitted through the NMLS. There are no more paper applications.

All loan originators must be licensed by December 31, 2009. The Arizona Department of Financial Institutions (the “DFI”) is still working on the conditions it will require for licensing loan originators since they are still deciding how to fully comply with the federal SAFE Act. However, loan originators can currently input an MU4 on the NMLS to get licensed under the existing Arizona licensing law. Loan originators must wait to input their MU4s until their employer has completed their NMLS filings. The DFI is intending to propose legislation that would postpone the deadline for licensing loan originators until July 1, 2010. But, such legislation has not become law yet so the deadline stays at December 31, 2009.

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